In the U.S. the corporate reporting season begins. We recall that during previous times the results of corporations from the list of S&P 500 averagely in 70% of cases exceeded the forecasts. Today, will be released the first report, of aluminum giant Alcoa, which is an indicator for the market, due to the fact that the consumption of aluminum indicates the status of high-tech industries which generate most of the added value.
Now the price of the futures S&P 500 approached the strong level 1840 and in case of fixing below this mark, we recommend to open short positions with the objectives at 1800 and 1780. We also maintain a long-term negative outlook on the U.S. market due to overbought shares.
Wish you the profits!
FXFINPRO Capital Analytical department.